Asked by
Jessica Sandoval
on Nov 30, 2024
Verified
Parties with secondary liability unconditionally promise to pay the instrument.
Secondary Liability
Legal responsibility imposed on a party for the actions of another, based on a relationship or specific circumstances.
Unconditionally Promise
A commitment made without any stipulations or requirements, offering a guarantee without any terms for fulfillment.
- Contrast primary and secondary liability in the framework of negotiable instruments.
Verified Answer
LL
Learning Objectives
- Contrast primary and secondary liability in the framework of negotiable instruments.